[Funding Alert] Healthtech Start-Up Innovaccer Raises $70 Million In Series C Round
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Healthtech start-up Innovaccer has raised $70 million in a Series C round, the company said on Friday. The funding came from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and Microsoft’s venture fund M12.
Founded in 2014 by Abhinav Shashank, Kanav Hasija and Sandeep Gupta, Innovaccer uses artificial intelligence and analytics to help automate routine workflows and reduce manual overhead to facilitate more patient-centered care. Through data-driven insights and predictions, the company helps healthcare providers in making better decisions. Innovaccer’s products have been deployed across the US, in more than 1,000 locations, and enable more than 25,000 providers to provide better healthcare.
“Healthcare still needs a lot of work to become patient-centered and connected by organizing information and making it more accessible. It is really important to make patient data seamlessly available to all providers along the patient’s care journey,” said chief executive officer Abhinav Shashank, in a statement.
The company said it plans to use the new funds to improve existing processes that digitize healthcare for providers, payers and patients by further developing its data activation platform.
Bringing Efficiency To Healthcare
According to Hasija, despite the steady growth of technology, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care and the fragmented nature of the system is what they are essentially trying to solve.
“Our work at Innovaccer has always been focused on creating innovative technology that can enable personalized care while reducing operational costs,” said Hasija, who is the chief customer success officer.
In about six years, the company claims that its data activation platform has helped its clients unify over 3.8 million patient records and generate savings of more than $400 million. With the new funds being used in developing the platform, Innovaccer aims to generate 100 million unified patient records accessible to 500,000 care team members over the next few years.
“By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, they are unifying patient records and enabling care teams to coordinate patient care at a new level. We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come,” said Ravi Mehta, managing director at Steadview Capital.